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Enhancements to Cost Governance on Oracle Cloud Infrastructure

Arun Ramakrishnan
Principal Product Manager

We’ve released the following new enhancements to the tools that provide insight into your costs on Oracle Cloud Infrastructure (OCI):

  • Forecasting based on past usage patterns

  • Saved reports

  • Custom start dates for Budgets.

Forecasting

The Cost Analysis tool is an interface for viewing your OCI consumption. You can access it in the Console from the Account Management section under Governance and Administration. This tool lets you build queries to visualize your consumption grouped or filtered by parameters that you want to attribute costs by such as tags or compartments.

Now, you can also estimate future costs based on historical usage patterns. This option helps you make proactive and insightful decisions around utilization of resources and budgetary requirements.

To perform a forecast, select the Show Forecast check box on the Cost Analysis query parameters section. From the End Date date-picker, select the future date until which you want to perform a forecast. Then click Apply.

A screenshot of the End Date window in the Cost Analysis screen in the Console.

The forecasted data is demarcated in the graph by a vertical Forecast line and rendered in a lighter shade than the received data. Forecasted values for each grouping dimension by day are available in the table below the chart. Forecasted days are shaded in gray and are appended with (forecasted).

A screenshot of the forecasted data screen.

You can export the table in CSV format. Forecasting has options for daily or monthly granularity. You can find more information and tips on using the Cost Analysis Forecasting feature in the documentation. Use this feature today to identify risks to your fiscal compliance and take corrective action.

Saved reports

On the Cost Analysis tool, you can now save up to 10 queries that matter to you as reports that are accessible to other users with permission to the Cost Analysis tool on your tenancy.

Creating a report is simple. When you first access the Cost Analysis page, you are defaulted to the Costs by Service report. When you edit either the date range, granularity, filter, or grouping dimensions, (edited) appears next to the report name and the report action to Save as a new report is enabled.

A screenshot of the expanded Report Actions menu in Cost Analysis with Save as new report highlighted.

When you select Save as new report, a new window pops up with a field for the new report. Enter a unique name for the report and click Save.

A screenshot of the Save as new report section with the name field highlighted.

You can load this saved report by selecting it from the report list drop-down.

A screenshot of the default and saved reports menu expanded with TestSaveReport highlighted.

If you want the date range for your saved report to change dynamically, opt for one of the dynamic time ranges, now supported by our date picker. You can select this option by clicking either Start Date or End Date and selecting the dynamic ranges, such as 7D and 10D, from the bottom of the date picker.

A screenshot of the calendar for March 2021 with the dynamic range selected.

We welcome you to use Saved Reports to save your favorite queries and make it easier for your colleagues to access them.

Custom start dates for budgets

A budget is a tool in OCI that helps you track forecasted or actual spending. You can access Budgets in the Account Management section of the Console. Budgets are set on cost-tracking tags or compartments and track the spending associated with the compartment or a tag at a monthly cadence.

You can now select a start date for your budget month that better aligns with your business processes and is no longer bound to align with a calendar month.

To create a budget with a custom start date, click Create Budget on the Budgets page.

A screenshot of the Budgets page.

In the budget creation form, use the drop-down under DAY OF THE MONTH TO BEGIN BUDGET PROCESSING to select the day of the month that you want your monthly Budget tracking to begin.

A screenshot of the budget creation screen with the description, compartment, and monthly budget amount filled in and the day of the month to begin budget processing menu expanded.

The time range next to Current Budget Processing Period Based on Selection indicates the current budgetary cycle.

A screenshot of the Create Budget screen with the time cycle for the budget selected.

Similarly, you can change the start date of an existing budget by clicking it from the Budgets page and selecting Edit.

A screenshot of the details for testbudget.

You can then change the DAY OF THE MONTH TO BEGIN BUDGET PROCESSING from the Edit Budget Form and click Save Changes.

A screenshot of the Edit Budget window.

We encourage you to use Budgets to track spending on your tenancy. You can generate alerts based on either actual or forecasted spending and trigger notifications or more complex actions through the integration with Events service.

Try it yourself

Optimizing costs on existing cloud implementation is one of the top concerns for most organizations. Make cost governance a part of your cloud strategy. Use tools such as Cost Analysis, Budgeting, and these recent enhancements to optimally implement and iterate on this strategy. Share your feedback in the comments and let us know how we can continue to improve your experience on Oracle Cloud Infrastructure.

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